ChargePoint Holdings, Inc. (NYSE:CHPT – Get Free Report) was the recipient of a large decrease in short interest in the month of December. As of December 15th, there was short interest totalling 89,030,000 shares, a decrease of 8.4% from the November 30th total of 97,150,000 shares. Based on an average trading volume of 20,360,000 shares, the days-to-cover ratio is presently 4.4 days. Approximately 27.3% of the company’s stock are sold short.
Insiders Place Their Bets
In other news, insider Michael D. Hughes sold 13,995 shares of the stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $2.42, for a total transaction of $33,867.90. Following the completion of the transaction, the insider now directly owns 855,947 shares in the company, valued at approximately $2,071,391.74. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold a total of 38,375 shares of company stock worth $92,868 in the last 90 days. 12.90% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the business. American International Group Inc. increased its holdings in shares of ChargePoint by 30.0% during the second quarter. American International Group Inc. now owns 3,101 shares of the company’s stock valued at $42,000 after purchasing an additional 716 shares during the period. First Manhattan Co. increased its holdings in shares of ChargePoint by 65.4% during the first quarter. First Manhattan Co. now owns 3,085 shares of the company’s stock valued at $61,000 after purchasing an additional 1,220 shares during the period. Magnus Financial Group LLC increased its holdings in shares of ChargePoint by 6.7% during the second quarter. Magnus Financial Group LLC now owns 19,551 shares of the company’s stock valued at $172,000 after purchasing an additional 1,226 shares during the period. IFP Advisors Inc increased its holdings in shares of ChargePoint by 9.5% during the second quarter. IFP Advisors Inc now owns 14,463 shares of the company’s stock valued at $435,000 after purchasing an additional 1,260 shares during the period. Finally, Boothbay Fund Management LLC increased its holdings in shares of ChargePoint by 4.2% during the fourth quarter. Boothbay Fund Management LLC now owns 35,083 shares of the company’s stock valued at $334,000 after purchasing an additional 1,406 shares during the period. 45.01% of the stock is owned by institutional investors and hedge funds.
ChargePoint Price Performance
Shares of NYSE CHPT opened at $2.06 on Thursday. ChargePoint has a 1-year low of $1.79 and a 1-year high of $13.65. The company has a quick ratio of 1.77, a current ratio of 2.34 and a debt-to-equity ratio of 0.72. The business’s fifty day moving average price is $2.43 and its two-hundred day moving average price is $5.18.
ChargePoint (NYSE:CHPT – Get Free Report) last issued its earnings results on Wednesday, December 6th. The company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.12). ChargePoint had a negative return on equity of 119.40% and a negative net margin of 81.10%. The company had revenue of $110.30 million during the quarter, compared to analyst estimates of $124.92 million. During the same period in the prior year, the business earned ($0.24) earnings per share. ChargePoint’s quarterly revenue was down 12.0% on a year-over-year basis. On average, analysts anticipate that ChargePoint will post -1.11 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on CHPT shares. Janney Montgomery Scott cut ChargePoint from a “buy” rating to a “neutral” rating in a research note on Friday, November 17th. Needham & Company LLC reiterated a “buy” rating and set a $4.00 target price on shares of ChargePoint in a research note on Thursday, December 7th. UBS Group cut ChargePoint from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $9.00 to $2.25 in a research note on Tuesday, November 28th. JPMorgan Chase & Co. reduced their price objective on ChargePoint from $8.00 to $5.00 and set an “overweight” rating on the stock in a research note on Friday, November 17th. Finally, Roth Mkm cut ChargePoint from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $11.00 to $2.00 in a research note on Friday, November 17th. Thirteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, ChargePoint presently has an average rating of “Hold” and an average target price of $7.54.
ChargePoint Company Profile
ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.